Federated Acquires Two J.C. Penney Locations

From: ASAP

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Federated Department
Stores, Inc. (NYSE:FD)(PCX:FD) announced an agreement for
two new Macy's stores in Maui and Hilo, Hawaii. Both properties,
currently owned by J.C. Penney, will undergo remodeling beginning
this Spring and are scheduled to re-open as Macy's stores in Fall
2003.

"We are very excited about these new stores which will essentially
double our presence in both malls," said Robert L. Mettler,
chairman of Macy's West. "Federated continues to invest in our
developing Hawaii market, which lets us continue to meet the
growing needs of our customers."

"Over the past year, we've received positive feedback from our
customers on the styles, fashion and selection at Macy's," said
Deena Nichols, senior vice president and director of stores for
Macy West's Hawaii and Guam region. "Our new Hilo and Maui stores
will enable us to meet our customers' demands for an even larger
assortment of merchandise."

Macy's will continue to operate its current locations in these two
malls, which will be reconfigured and updated to feature expanded
assortments of women's apparel, accessories and shoes. The new
store locations will be remodeled to feature expanded assortments
of men's, children's and home merchandise. Remodeling in both
stores will include new wall and floor fixturing, centralized
customer service areas, new carpet, paint and visual treatments,
as well as lighting upgrades.

The new Macy's location in Queen Kaahumanu Center in Maui will
occupy 86,000 square feet of retail space on two levels, bringing
the combined total to 166,000 in the two Macy's Center stores. The
new Macy's Prince Kuhio Plaza store in Hilo will occupy 62,000
square feet of retail space on one level, bringing the combined
total to 112,000 in the two Macy's Plaza stores.

Macy's West, a division of Federated headquartered in San
Francisco, operates 141 stores in seven states and Guam, with
annual sales of more than $4 billion.

Federated, with corporate offices in Cincinnati and New York, is
one of the nation's leading department store retailers, with
annual sales of more than $15 billion. Federated currently
operates more than 460 stores in 34 states, Guam and Puerto Rico,
under the names of Macy's, Bloomingdale's, The Bon Marche,
Burdines, Goldsmith's, Lazarus and Rich's-Macy's, as well as
macys.com and Bloomingdale's By Mail.

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